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Startup Archive
Patrick Collison’s advice for people in their 20s: “Work at a place with high standards”
When asked for career advice for people in their 20s, Patrick recalls the book Apprentice to Genius. It follows three generations of scientists that mentored each other and were all extremely successful. It then reflects on what was transferred.
One important thing that the mentees say they learned from their mentors was problem selection. In science, you have to choose problems that are sufficiently important yet not so intractable that you can’t actually make any progress.
The other thing the mentees describe is just learning about high standards and what high standards actually are.
Patrick believes this is a really important point:
“When I talk to people in other domains, this is so frequently the thing that I hear from them. That when they worked with X person or Y organization or in Z environment, they learned what great actually is, and that just permanently changed their sense for what their own standard for their work ought to be.”
He continues:
“So maybe one versions of the ‘what people in their twenties should do’ is get some idea as to the domains you’re interested in, but then figure out where you can learn the highest standards. Where are the highest standards embodied? And where can you go and experience that firsthand?”
Video source: @dwarkesh_sp (2024)
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Patrick Collison’s advice for people in their 20s: “Work at a place with high standards”
When asked for career advice for people in their 20s, Patrick recalls the book Apprentice to Genius. It follows three generations of scientists that mentored each other and were all extremely successful. It then reflects on what was transferred.
One important thing that the mentees say they learned from their mentors was problem selection. In science, you have to choose problems that are sufficiently important yet not so intractable that you can’t actually make any progress.
The other thing the mentees describe is just learning about high standards and what high standards actually are.
Patrick believes this is a really important point:
“When I talk to people in other domains, this is so frequently the thing that I hear from them. That when they worked with X person or Y organization or in Z environment, they learned what great actually is, and that just permanently changed their sense for what their own standard for their work ought to be.”
He continues:
“So maybe one versions of the ‘what people in their twenties should do’ is get some idea as to the domains you’re interested in, but then figure out where you can learn the highest standards. Where are the highest standards embodied? And where can you go and experience that firsthand?”
Video source: @dwarkesh_sp (2024)
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Offshore
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Stock Analysis Compilation
Heartland Mid Cap Value Fund on Sysco $SYY US
Thesis: Sysco is leveraging a transformative self-help strategy with enhanced digital capabilities and specialty services to capture market share and drive growth in the fragmented food service distribution industry.
(Extract from their Q4 letter)
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Heartland Mid Cap Value Fund on Sysco $SYY US
Thesis: Sysco is leveraging a transformative self-help strategy with enhanced digital capabilities and specialty services to capture market share and drive growth in the fragmented food service distribution industry.
(Extract from their Q4 letter)
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Offshore
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Stock Analysis Compilation
Heartland Opportunistic Value Equity on Hexcel Corporation (HXL) $HXL US
Thesis: Hexcel Corporation (HXL) is a promising investment opportunity due to its potential for growth in the recovering commercial aerospace market and attractive valuation relative to cash flow.
(Extract from their Q4 letter)
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Heartland Opportunistic Value Equity on Hexcel Corporation (HXL) $HXL US
Thesis: Hexcel Corporation (HXL) is a promising investment opportunity due to its potential for growth in the recovering commercial aerospace market and attractive valuation relative to cash flow.
(Extract from their Q4 letter)
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Offshore
Video
Startup Archive
RT @fkasummer: I maintain that problem selection is the most important expression of taste during a paradigm shift
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RT @fkasummer: I maintain that problem selection is the most important expression of taste during a paradigm shift
Patrick Collison’s advice for people in their 20s: “Work at a place with high standards”
When asked for career advice for people in their 20s, Patrick recalls the book Apprentice to Genius. It follows three generations of scientists that mentored each other and were all extremely successful. It then reflects on what was transferred.
One important thing that the mentees say they learned from their mentors was problem selection. In science, you have to choose problems that are sufficiently important yet not so intractable that you can’t actually make any progress.
The other thing the mentees describe is just learning about high standards and what high standards actually are.
Patrick believes this is a really important point:
“When I talk to people in other domains, this is so frequently the thing that I hear from them. That when they worked with X person or Y organization or in Z environment, they learned what great actually is, and that just permanently changed their sense for what their own standard for their work ought to be.”
He continues:
“So maybe one versions of the ‘what people in their twenties should do’ is get some idea as to the domains you’re interested in, but then figure out where you can learn the highest standards. Where are the highest standards embodied? And where can you go and experience that firsthand?”
Video source: @dwarkesh_sp (2024) tweet
Offshore
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Stock Analysis Compilation
Patient Capital on CVS Health Corp. $CVS US
Thesis: CVS Health Corp. is undergoing a turnaround with management upgrades and a clear pathway to improving margins, leveraging its diverse healthcare assets while offering an attractive 5.8% dividend yield.
(Extract from their Q4 letter)
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Patient Capital on CVS Health Corp. $CVS US
Thesis: CVS Health Corp. is undergoing a turnaround with management upgrades and a clear pathway to improving margins, leveraging its diverse healthcare assets while offering an attractive 5.8% dividend yield.
(Extract from their Q4 letter)
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Dimitry Nakhla | Babylon Capital®
Danaher $DHR stock is down -30% from its highs, falling from $294 to $206 📉
Is $DHR a good investment today?
In the first photo you’ll notice $DHR multiple expanded nearly 40% in the last 10 years, contributing to the company’s ~146% price return over the past 10 years (yes, some businesses were spun off, & the value of those count towards the total return as well)
From 2019-2022, $DHR multiple expanded rapidly, reaching over 30x and this was largely due to forecasted aggressive earnings growth
Moving forward though, EPS growth has been lackluster (2022-2025E) & you can see why $DHR multiple contracted from 35x to 27x today
Yes, $DHR is a great business & the $DHR corporate culture is excellent. But all of that doesn’t warrant a purchase of the company IF the multiple, relative to its growth rate (among several other things) isn’t attractive enough to provide a margin of safety and attractive returns moving forward
Today at $206💵, $DHR trades for 27x NTM with a PEG of 2.22x so I believe $DHR is fairly valued here
At 27x NTM, investor returns will depend heavily on EPS growth (which is fine), yet you likely won’t get the same kind of multiple expansion you did in the last decade (unless EPS growth estimates are revised substantially higher)
This is why I made the argument, less than months ago, that I prefer $TMO to $DHR because $TMO traded for -24% cheaper than $DHR even though $TMO is expected to grow earnings at a higher rate than $DHR over the next 3 years
Since then? $TMO +10% YTD 📈 while $DHR -10% YTD 📉
I’d consider $DHR a good purchase closer to $184💵 or at ~24x NTM EPS & an excellent purchase closer to $168💵 or at ~21x NTM EPS (although I wouldn’t count on it reaching that level)
At $184💵, I’ll have some margin of safety with the potential for slight margin expansion & at $168💵 it’s a steal
I’d likely look to add in tranches, building 70% of the position near $184💵 and 30% if I’m lucky enough to see $168💵
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Danaher $DHR stock is down -30% from its highs, falling from $294 to $206 📉
Is $DHR a good investment today?
In the first photo you’ll notice $DHR multiple expanded nearly 40% in the last 10 years, contributing to the company’s ~146% price return over the past 10 years (yes, some businesses were spun off, & the value of those count towards the total return as well)
From 2019-2022, $DHR multiple expanded rapidly, reaching over 30x and this was largely due to forecasted aggressive earnings growth
Moving forward though, EPS growth has been lackluster (2022-2025E) & you can see why $DHR multiple contracted from 35x to 27x today
Yes, $DHR is a great business & the $DHR corporate culture is excellent. But all of that doesn’t warrant a purchase of the company IF the multiple, relative to its growth rate (among several other things) isn’t attractive enough to provide a margin of safety and attractive returns moving forward
Today at $206💵, $DHR trades for 27x NTM with a PEG of 2.22x so I believe $DHR is fairly valued here
At 27x NTM, investor returns will depend heavily on EPS growth (which is fine), yet you likely won’t get the same kind of multiple expansion you did in the last decade (unless EPS growth estimates are revised substantially higher)
This is why I made the argument, less than months ago, that I prefer $TMO to $DHR because $TMO traded for -24% cheaper than $DHR even though $TMO is expected to grow earnings at a higher rate than $DHR over the next 3 years
Since then? $TMO +10% YTD 📈 while $DHR -10% YTD 📉
I’d consider $DHR a good purchase closer to $184💵 or at ~24x NTM EPS & an excellent purchase closer to $168💵 or at ~21x NTM EPS (although I wouldn’t count on it reaching that level)
At $184💵, I’ll have some margin of safety with the potential for slight margin expansion & at $168💵 it’s a steal
I’d likely look to add in tranches, building 70% of the position near $184💵 and 30% if I’m lucky enough to see $168💵
tweet
Offshore
Photo
Dimitry Nakhla | Babylon Capital®
Danaher $DHR stock is down -30% from its highs, falling from $294 to $206 📉
Is $DHR a good investment today?
In the first photo you’ll notice $DHR multiple expanded nearly 40% in the last 10 years, contributing to the company’s ~146% price return (yes, some businesses were spun off, & the value of those count towards the total return as well)
From 2019-2022, $DHR multiple expanded rapidly, reaching over 30x and this was largely due to forecasted aggressive earnings growth
Moving forward though, EPS growth has been lackluster (2022-2025E) & you can see why $DHR multiple contracted from 35x to 27x today
Yes, $DHR is a great business & the $DHR corporate culture is excellent. But all of that doesn’t warrant a purchase of the company IF the multiple, relative to its growth rate (among several other things) isn’t attractive enough to provide a margin of safety and attractive returns moving forward
Today at $206💵, $DHR trades for 27x NTM with a PEG of 2.22x so I believe $DHR is fairly valued here
At 27x NTM, investor returns will depend heavily on EPS growth (which is fine), yet you likely won’t get the same kind of multiple expansion you did in the last decade (unless EPS growth estimates are revised substantially higher)
This is why I made the argument, less than months ago, that I prefer $TMO to $DHR because $TMO traded -24% cheaper than $DHR even though $TMO is expected to grow earnings at a higher rate than $DHR over the next 3 years
Since then? $TMO +10% YTD 📈 while $DHR -10% YTD 📉
I’d consider $DHR a good purchase closer to $184💵 or at ~24x NTM EPS & an excellent purchase closer to $168💵 or at ~21x NTM EPS (although I wouldn’t count on it reaching that level)
At $184💵, I’ll have some margin of safety with the potential for slight margin expansion & at $168💵 it’s a steal
I’d likely look to add in tranches, building 70% of the position near $184💵 and 30% if I’m lucky enough to see $168💵
tweet
Danaher $DHR stock is down -30% from its highs, falling from $294 to $206 📉
Is $DHR a good investment today?
In the first photo you’ll notice $DHR multiple expanded nearly 40% in the last 10 years, contributing to the company’s ~146% price return (yes, some businesses were spun off, & the value of those count towards the total return as well)
From 2019-2022, $DHR multiple expanded rapidly, reaching over 30x and this was largely due to forecasted aggressive earnings growth
Moving forward though, EPS growth has been lackluster (2022-2025E) & you can see why $DHR multiple contracted from 35x to 27x today
Yes, $DHR is a great business & the $DHR corporate culture is excellent. But all of that doesn’t warrant a purchase of the company IF the multiple, relative to its growth rate (among several other things) isn’t attractive enough to provide a margin of safety and attractive returns moving forward
Today at $206💵, $DHR trades for 27x NTM with a PEG of 2.22x so I believe $DHR is fairly valued here
At 27x NTM, investor returns will depend heavily on EPS growth (which is fine), yet you likely won’t get the same kind of multiple expansion you did in the last decade (unless EPS growth estimates are revised substantially higher)
This is why I made the argument, less than months ago, that I prefer $TMO to $DHR because $TMO traded -24% cheaper than $DHR even though $TMO is expected to grow earnings at a higher rate than $DHR over the next 3 years
Since then? $TMO +10% YTD 📈 while $DHR -10% YTD 📉
I’d consider $DHR a good purchase closer to $184💵 or at ~24x NTM EPS & an excellent purchase closer to $168💵 or at ~21x NTM EPS (although I wouldn’t count on it reaching that level)
At $184💵, I’ll have some margin of safety with the potential for slight margin expansion & at $168💵 it’s a steal
I’d likely look to add in tranches, building 70% of the position near $184💵 and 30% if I’m lucky enough to see $168💵
tweet